After recently graduating from the University, I was excited to begin a new career in the accommodation industry.
I made a bunch of money my first year working on my own as a marketer and I decided to purchase a holiday resort in the Queensland area, as there were a number of nice holiday letting complexes available.
The first thing I did was to contact a local resort broker in the area to get an idea of what was involved in the purchase of a resort. He helped me to decide how much I would need to invest and how much financing would be available to me. The broker asked me questions about whether I preferred river or canal complex, a beachfront position, or maybe a complex for garden enthusiasts. I did not have enough capital to buy the place outright, but found that many banks are very willing to give loans to entrepreneurs, because there is usually a guaranteed income/cash flow. The resorts available for purchase are established with a yearly average income.
Aside from the purchase of a property, is the purchase of management rights. These can also be purchased separately. This is the business of on-site caretaking and letting of the units or townhouse complexes. It provides for a permanent, long term caretaker of the common property (gardens, pools, etc) on site, As well as an on site letting service if needed.
I also found that a number of properties that had the management rights for sale. The owner retained ownership of the property, but a person or company who bought the management rights would have considerable leeway in running the resort. The management keeps everybody happy. The guests, unit owners, the staff, the maintenance etc. Since I wanted to retain all rights to the property, I needed to hire a management team, to oversee running the resort.
Although it seemed a bit overwhelming at first, my resort broker was wonderful, he really helped and walked me through everything. He put me in touch with some reputable management companies that had good track record history,and I felt comfortable with the one I chose. My broker was involved in many aspects of the sale and transfer process, he made sure that all the parties involved with the sale met their deadlines as necessary, and made sure that the purchase of the resort was very smooth and hassle free. My very first resort purchase went well, and I am really happy with the end result.